Good morning. Here are the important stories you need to know today:
Explosion at substation leaves huge areas of Durban without power
On Tuesday, the eThekwini municipality said that a trip at its Klaarwater major substation had cut power to many parts of the city. The city said that its technicians were looking into it and that they would let the public know how things were going, TimesLIVE reports. “We have subsequently been advised by the electricity unit that there has been an explosion at the 275kv Klaarwater major substation which caused widespread power outage in the northern, western, central and southern regions of the city,” said Yogis Govender, DA member of the eThekwini executive committee. (TimesLIVE)
IMF says a third of the global economy will shrink in coming months, as it cuts SA forecast
The IMF expects that global growth will continue to decline next year, as nations continue to deal with the aftermath of Russia’s invasion of Ukraine, spiralling cost of living, and economic downturns. Multiple blows have been thrown to the global economy, with the conflict in Ukraine pushing up food and energy prices in the wake of the coronavirus epidemic, while skyrocketing expenses and rising interest rates threaten to reverberate globally. “The worst is yet to come and, for many people, 2023 will feel like a recession,” said International Monetary Fund economic counsellor Pierre-Olivier Gourinchas. (News24)
Transnet sweetens its wage offer, but labour rejects it as an ‘insult’
The South African Transport Workers Union says that after meeting with Transnet’s management at the Commission for Conciliation, Mediation, and Arbitration (CCMA), Labour turned down another better offer (Satawu). Amanda Tshemese, a spokeswoman for Satawu, said that the state rail, road, and pipeline company made a new offer of 4.25–5%, but the union is sticking to its demand of 12–13%. (Mail and Guardian)
Here’s what else we’re reading today:
SA Business
SA investments are looking attractive, Kganyago tells Americans – News24
Motor vehicle parts make positive impact on August manufacturing numbers – SABC
Greylisting crisis: Treasury owes SA an explanation, says ANC MP – News24 (for subscribers)
Global Business
Europe faces pressure to cap price of gas for power generation – Daily Maverick
Biden calls Putin a ‘rational actor’ who ‘miscalculated’ with Ukraine war – Daily Maverick
TikTok is profiting from livestreams where Syrian refugees beg for money, BBC investigation finds – Business Insider
Markets
Dollar at 24-year peak to yen as US yields jump; sterling on the ropes – SABC
Asian stocks stall amid global volatility – SABC
Biden to ‘re-evaluate’ Saudi ties after OPEC snub – Investing
